306:" who had advanced from a mill laborer to a Senior Vice President over the course of his 42-year career, and had professed to be the pinnacle of financial stewardship. Nevertheless, in August 2001, Squires was convicted in Federal Court of receiving kickbacks, and in 2002 was sentenced to two years imprisonment. Later he was forced to pay National approximately $ 3,000,000 in a civil lawsuit. In his allocution at sentencing, Squires noted, apologetically, that he had taken the improper payments because the company was promoting "Harvard MBA's" more rapidly than it was promoting him. The truth of the matter, however, was that Squires was one of the company's most senior executives, and that National Steel did not have any Harvard MBA's within its ranks, let alone any who were promoted ahead of Squires.
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214:, a holding company, and merge the steel business as one many units into it. The corporate reorganization was a further step to an already initiated arrangement that started in 1982, which broke the company into six independently managed units. The move was intended to better administer the company which had become diversified away from steel into
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Steel was incensed and filed a lawsuit which the two companies settled out-of-court in 1995. However these drastic leadership changes were short-lived, as
Goodwin resigned in 1996, the result of a bitter dispute with the Japanese ownership and by 1998 nearly all of the U.S. Steel expatriates had departed from National.
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In 1994, the company caused a stir in the industry when it terminated nearly all of its vice presidents, President and CFO, and replaced them by hiring nearly the complete executive staff of the U.S. Steel Gary Works, including V. John
Goodwin who was named the new President of National Steel. U.S.
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approved the first interstate consolidation of savings and loan associations largely because
National Steel was willing to provide $ 75 million in cash to the new association, whose combined assets would be $ 6.8 billion with 136 branches in the three states. The branches were rebranded as First
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steel producer, acquired 50% of
National Steel from National Intergroup for US$ 292 million. Later in 1990, the Japanese firm would claim another 20% share from National Intergroup, which was eager to sell the steel business. The company stumbled through troubled years as it shed thousands of
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years brought about record profits for the company as steel was in high demand. The company continued to post healthy profits in the 1970s, although the latter half of the decade saw some sharp and turbulent profit slumps. The increasing consumption of imported steel was often an attributed
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Beginning in 1980, the company reported a serious loss of demand and with it profits in its core steel business. A roller coaster earnings surge the next year crashed down the year after that due to a further increase in imports and low demand. In 1983, shareholders agreed to create
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The company then lumbered along for the next few years, hampered by doddering executive management. It filed for bankruptcy protection in 2002, the result of a deep depression in the industry at the time combined with the laggard leadership.
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problem. It acquired United
Financial Corporation, in 1979, adding another sundry item for its portfolio. United Financial was the parent company of Citizens Savings & Loan Association of San Francisco, which was the seventh‐largest
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in profits. Again, in 1931 the company was profitable unlike many other competitors. The company could attribute its success primarily to sales to the automobile industry. Large steel producing operations were located near
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The darkest days of
National's management history occurred in 2000, when an internal auditor, tipped off by an informer, discovered that longtime executive James Squires was receiving millions of dollars in
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National Steel spun-off its computer data subsidiary Genix which spun-off the current-day
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were acquired and merged with
Citizens, creating the country's largest federally chartered savings and loan association. The
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in 1981, West Side
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from scrap suppliers. This was an especially painful event for the company because
Squires had been hailed as a "
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The company would never again enjoy extended periods of profit and finally in March 2002, it filed for
151:(1929–2003) was a major American steel producer. It was founded in 1929 through a merger arranged by
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Nationwide Savings in 1982, when National Steel sold a 19% share of First Nationwide to the public.
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with only $ 2.3 billion in assets for $ 2.6 billion in debt. After a bidding war between
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693:"Ex-steel executive ordered imprisoned in kickbacks, bribery case"
578:"Ford Motor to Acquire First Nationwide for $ 493 Million in Cash"
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mining operation and pellet plant under the new name of Keewatin
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503:"The government Tuesday took another savings and loan off..."
714:"Former National Steel exec to pay $ 3M to settle charge"
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Former components of the Dow Jones Industrial Average
671:"Demoted Chief Executive Resigns From National Steel"
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acquired First Nationwide for $ 493 million in 1985.
184:, National Steel obtained profitability every year.
552:"National Intergroup May Sell 1st Nationwide Stake"
60:. Unsourced material may be challenged and removed.
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828:Defunct manufacturing companies based in Michigan
391:"Savings-and-Loan Issues Highlight Stock Market"
19:For the shipbuilding company in San Diego, see
808:Manufacturing companies disestablished in 2003
8:
735:"National Steel Accepts Bid from U.S. Steel"
701:. Moline. Associated Press. January 6, 2002.
803:Manufacturing companies established in 1929
769:cache of the site which no longer remains
459:"Japan's NKK Buys More of National Steel"
120:Learn how and when to remove this message
793:Manufacturing companies based in Detroit
25:National Steel Corporation (Philippines)
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21:National Steel and Shipbuilding Company
798:American companies established in 1929
477:"Interstate Thrift Unit Merger Backed"
238:workers and faced bankruptcy in 1991.
457:Hicks, Jonathan P. (April 26, 1990).
389:Vartan, Vartanig G. (March 7, 1979).
355:"National Steel Net $ 3.91 a share",
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783:Steel companies of the United States
524:Hayes, Thomas C. (January 4, 1982).
171:-setting 1930, the company reported
58:adding citations to reliable sources
818:2000s disestablishments in Michigan
368:"One Steelmaker Earns Dividends",
23:. For the Philippine company, see
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649:"National Steel Settles USX Suit"
167:. Despite a difficult market in
763:National Steel webpage (archive)
741:. Bloomberg News. April 18, 2003
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813:1929 establishments in Michigan
602:McKay, Jim (December 5, 1991).
576:Furlong, Tom (August 2, 1985).
416:"National Steel Reports Profit"
45:needs additional citations for
550:Furlong, Tom (July 30, 1985).
436:"Weirton Steel Sale Is Backed"
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526:"First Nationwide: A New Era"
157:Great Lakes Steel Corporation
155:with some properties of the
251:Federal Home Loan Bank Board
69:"National Steel Corporation"
269:services based in suburban
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224:employee-owned corporation
149:National Steel Corporation
137:National Steel Corporation
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16:American steel corporation
631:"U.S. Steel Sues a Rival"
139:furnaces and stockpiles,
609:Pittsburgh Post-Gazette
505:UPI. September 15, 1981
243:savings and loan crisis
201:in the United States.
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720:American Metal Market
604:"Goodbye, Pittsburgh"
163:with headquarters in
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659:. November 10, 1995.
446:. December 31, 1983.
54:improve this article
483:. September 9, 1981
370:Wall Street Journal
358:Wall Street Journal
332:Keewatin, Minnesota
283:South Bend, Indiana
212:National Intergroup
765:- A July 24, 2004
739:The New York Times
698:The Dispatch-Argus
681:. August 21, 1996.
675:The New York Times
653:The New York Times
635:The New York Times
530:The New York Times
481:The New York Times
463:The New York Times
440:The New York Times
421:The New York Times
395:The New York Times
256:Ford Motor Company
229:In February 1984,
220:financial services
161:M.A. Hanna Company
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582:Los Angeles Times
556:Los Angeles Times
231:Nippon Kokan K.K.
141:Detroit, Michigan
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52:Please help
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745:October 24,
615:October 24,
587:December 6,
561:December 6,
535:December 6,
509:December 6,
487:December 6,
400:December 5,
267:proxy fight
241:Amidst the
788:U.S. Steel
777:Categories
377:References
328:U.S. Steel
320:bankruptcy
314:Bankruptcy
271:Pittsburgh
233:, a major
169:Depression
165:Pittsburgh
80:newspapers
300:kickbacks
192:The post-
336:Taconite
324:AK Steel
285:, area.
235:Japanese
216:aluminum
110:May 2016
178:Detroit
94:scholar
340:Keetac
143:, 1942
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346:Notes
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277:1990s
247:Miami
205:1980s
101:JSTOR
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